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APICORP, corporate


23.06.2020 - 15:12:11

Arab Petroleum Investments Corporation receives credit rating of 'AA' with a Stable Outlook from Fitch Ratings, reflecting strong credit profile and continued growth

Image link: https://bit.ly/317vQlC

According to Fitch, APICORP's Long-Term IDR of 'AA' is based on excellent capitalization with low risk profile, and strong liquidity assessment with a 'medium risk' business environment. The Stable Outlook reflects Fitch's view that "APICORP's credit profile is resilient to negative pressures stemming from the COVID-19 pandemic and oil price shock."

Furthermore, Fitch affirmed that APICORP, as a commercially focused MDB with an above-peer level of internal capital generation, has been profitable in almost every year since its inception. This is, in Fitch's view, due to very limited credit losses, as evidenced by the high credit quality of its borrowers and 'very low' NPL [non-performing loans], as well as strong performance of the equity portfolio.

Dr. Ahmed Ali Attiga, CEO of APICORP, said: "We are pleased that the new rating from Fitch reaffirms APICORP's robust and healthy financial profile, underpinned by a sustainable business model that continues to drive value and growth. This is a testament of APICORP's ability to execute its important public mandate in the strategic and vital energy sector within our Member Countries, and beyond. Moreover, we are delighted with the recognition of our strong and prudent governance and risk management frameworks, policies, and tools, which alongside our strong business origination and management, ensure APICORP's overall resilience, despite the COVID-19 pandemic and oil price fluctuations."

Notably, Moody's Investor Service reaffirmed APICORP's credit rating of 'Aa2' with a 'Stable' outlook, in April this year, reflecting its strong financial fundamentals, despite current economic and market shocks.

This second rating makes APICORP the only financial institution in the MENA region rated 'AA' by Fitch and 'Aa2' by Moody's. APICORP also posted strong financial results for the year ended 2019, including a 17% Y-O-Y increase in net recurring income to USD112 million, up from USD96 million at year end 2018. Moreover, APICORP's General Assembly ratified a landmark callable capital increase to USD8.5 bn, in April 2020, demonstrating strong shareholder support and long-term commitment.

For the full report from Fitch: https://www.fitchratings.com/research/sovereigns/fitch-rates-arab-petroleum-investments-corporation-at-aa-outlook-stable-22-06-2020


For further information:

Hassan Al-Jundi APICORP Mobile: +966 55 8012942 Email: haljundi@apicorp.org

Zeeshan Masud Daniel Chinoy Weber Shandwick Weber Shandwick Mobile: +971 55 918 6751 Mobile: +971 50 255 3402 Email: zmasud@webershandwick.com Email: dchinoy@webershandwick.com

About APICORP: The Arab Petroleum Investments Corporation (APICORP) is a multilateral development financial institution established in 1975 by an international treaty between the ten Arab oil exporting countries. It aims to support and foster the development of the Arab world's energy sector and petroleum industries. APICORP makes equity investments and provides project finance, trade finance, advisory and research. APICORP is rated 'Aa2' with stable outlook by Moody's and 'AA' with a stable outlook by Fitch. APICORP's headquarters is in Dammam, Kingdom of Saudi Arabia.

More information can be found at: www.apicorp.org  

23.06.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

1076965  23.06.2020 

@ dgap.de